Global Investment Holdings Signs a Share Transfer Agreement to Transfer its Stake in Energy Investment Holdings
01 June 2012
Global Investment Holdings’ (“GIH” or “the Group”) held 50% of Energy Investment Holdings (EIH) which encompassed all the natural gas distribution and wholesale operations (except the CNG business explained below) of the Group. GIH today announced that it had signed a Share Transfer Agreement with STFA, the infrastructure company that holds the remaining 50% of Energy Investment Holdings, to transfer its 50% stake. The price of the sale and other commercial details will be disclosed upon closing.
In addition to this, certain foreign investors had submitted non-binding offers for EIH shares. Following the ongoing data room process those potential investors will be presenting final and binding offers to the Group. As per the sale agreement with STFA, the Group holds the option/privilege to proceed with those investors regarding the sale of EIH shares instead of transferring them to STFA. In case GIH does not exercise such option, according to the agreement, the shares will be transferred to STFA in any case.
The Group also announced that at the same time, talks with investors are in process regarding the entities excluding natural gas distribution and wholesale operations of Global Energy as well as the sale of minority shares of Global Energy.
Naturelgaz shares currently owned by EIH are excluded from the share purchase agreement signed with STFA. In this respect, the Group applied to the Energy Market Regulatory Authority (EMRA) in order to obtain the permits for the transfer of 50% of Naturelgaz, the compressed natural gas (CNG) subsidiary currently owned by Energy Investment Holdings, to STFA and Global energy in equal proportions. Upon the approval of EMRA, the share transfer will be completed and the Group’s current 25% shareholding in Naturelgaz indirectly through Energaz will be transferred to Global Energy, 99.99% subsidiary of GIH.
Additional information will be disclosed upon closing.
Further Information:
Optima İletişim / Burçin Baygül / 0212 347 79 11 / burcin@optima-tr.com
About GIH
Global Yatırım Holding A.Ş. (Global Investment Holdings) was regrouped as a holding company on October 2004 (www.globalyatirim.com.tr) to hold a diversified portfolio of investments in a number of businesses, including infrastructure, real estate, energy, and financial services. Global Investment Holdings is listed on the Istanbul Stock Exchange (as “GLYHO.IS”) and utilizes its experience in the finance sector, for industrial business opportunities.
